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Shanghai shares rally more on Xiongan plan
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SHANGHAI shares rose to a 15-month high today, posting its best weekly performance since November with bolstered investor confidence on the newly launched economic zone.
The Shanghai Composite Index increased 0.17 percent to 3,286.62 points at the close, sending the gauge up 2 percent this week.
Shares related to Xiongan New Area in Heibei Province, described as "a thousand-year project" by the government, was surged by daily limit in the past three consecutive trading days.
Developers and builders based in Heibei eased from a broad extension of gains in the previous two sessions, while infrastructure companies remained strong performance today in Shanghai.
Among them, cement producer and developer Beijing Building Materials Group jumped by daily limit of 10 percent to 6.2 yuan ($90 cents). The stock jumped 33 percent this week.
Analysts and brokerages assume the Xiongan initiative to become a long-term investment theme, and could stir new rounds of capital inflows for A-shares once the government releases detailed movement of the new area.
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